Three way merger
Three insurance broking firms in the South Island have merged to create a business which will have annual turnover of more than $40 million.
Thursday, April 28th 2005, 12:54PM
The firms are H D Fraser & Macandrew of Dunedin and Christchurch-based firms Lance Ryan Brokers and Macandrew Insurances International.
The merged entity is known as Fraser Macandrew Ryan Limited. Managing Director Howard Fraser described the merger as, “Partly in response to demand for a large, locally-owned brokerage that gives South Island businesses an alternative to multi-nationals.”
Currently, the group has several major clients in Auckland and the move will also enable it to grow its share of the market in other parts of New Zealand.
Fellow director Fraser Macandrew said, “With industry legislation imminent, this change will enable us to put in place new corporate governance practices and a sound compliance framework.”
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